| Summary of reconciliation of profit for year to cash generated from operations |
| | | | | | | | | | | | | | | For the year | | For the six | | For the year | | For the year | | | | | ended | | months ended | | ended | | ended | | | | | June 30, | | December 31, | | December 31, | | December 31, | | | | | 2023 | | 2023 | | 2024 | | 2025 | | | Notes | | RMB’000 | | RMB’000 | | RMB’000 | | RMB’000 | Profit for the year/period | | | | 1,781,829 | | 1,256,077 | | 2,635,428 | | 1,209,814 | Adjustments for: | | | | | | | | | | | Interest on lease liabilities | | 8 | | 34,396 | | 25,112 | | 91,623 | | 126,829 | Depreciation and amortization | | 6 | | 391,167 | | 285,241 | | 808,694 | | 1,206,305 | Interest on loans and borrowings | | 8 | | 226 | | 90 | | 1,292 | | 111,759 | Interest on the Equity Linked Securities | | 8 | | — | | — | | — | | 192,342 | Interest income | | 8 | | (145,225) | | (123,969) | | (118,672) | | (104,421) | Investment income from other investments | | 7 | | (42,921) | | (14,281) | | (81,145) | | (103,675) | Changes in fair value of redemption liabilities | | 25 | | — | | — | | — | | 158,491 | Net change in fair value of other investments | | 7 | | 3,692 | | (14,270) | | (29,930) | | (77,227) | Fair value changes of financial derivative assets and financial derivative liabilities | | 29 | | — | | — | | — | | 70,332 | Gains/(losses) on disposal of property, plant and equipment and intangible assets | | 7 | | 5,350 | | 1,632 | | 2,534 | | (7,275) | Impairment loss on non-current assets | | | | 3,448 | | 4,547 | | 8,846 | | 35,611 | Unrealized foreign exchange (gains)/ losses | | | | (45,522) | | (25,410) | | 8,258 | | 4,168 | Effect of lease contract cancellation | | 7 | | 3,681 | | (4,821) | | (15,201) | | (12,123) | Gains on disposal of subsidiaries | | 7 | | — | | — | | (8,759) | | (194) | Share of (profit)/loss of equity-accounted investees, net of tax | | | | — | | (268) | | (5,986) | | 834,453 | Gains on revaluation of the previously held equity-accounted investees | | 7 | | — | | — | | — | | (8,600) | Equity-settled share-based payment expenses | | 6 | | 62,882 | | 46,432 | | 85,184 | | 367,869 | Income tax | | 9(a) | | 551,785 | | 396,665 | | 712,104 | | 703,524 | | | | | | | | | | | | Changes in working capital: | | | | | | | | | | | Inventories | | | | (250,851) | | (471,722) | | (828,148) | | (916,651) | Trade and other receivables | | | | (185,768) | | (316,534) | | (836,820) | | (1,028,794) | Contract liabilities | | | | (73,539) | | 25,341 | | (6,545) | | 30,931 | Trade and other payables | | | | (34,055) | | 363,327 | | 561,422 | | 576,214 | Restricted cash | | | | 5,303 | | 19,103 | | 6,944 | | (16,043) | Deferred income | | | | 19,074 | | (3,985) | | 4,486 | | (6,341) | | | | | | | | | | | | Cash generated from operations | | | | 2,084,952 | | 1,448,307 | | 2,995,609 | | 3,347,298 |
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| Summary of reconciliation of liabilities arising from financing activities |
| | | | | | | | | | | | | | | | | | | | Loans and | | Interest | | Lease | | | | | borrowings | | payable | | liabilities | | Total | | | RMB’000 | | RMB’000 | | RMB’000 | | RMB’000 | | | | | | | Note 24 | | | | | | | | | | | | At July 1, 2022 | | 6,948 | | 43 | | 651,065 | | 658,056 | | | | | | | | | | Additions through business combination | | — | | — | | 15,313 | | 15,313 | | | | | | | | | | Changes from financing cash flows: | | | | | | | | | Repayment of loans and borrowings | | (206) | | — | | — | | (206) | Payment of capital element and interest element of lease liabilities | | — | | — | | (346,008) | | (346,008) | | | | | | | | | | Total changes from financing cash flows | | (206) | | — | | (346,008) | | (346,214) | | | | | | | | | | Exchange adjustments | | 576 | | — | | 25,267 | | 25,843 | | | | | | | | | | Other changes: | | | | | | | | | Increase in lease liabilities from entering into new leases during the year | | — | | — | | 718,985 | | 718,985 | Decrease in lease liabilities from derecognition | | — | | — | | (213,284) | | (213,284) | Increase in interest expenses | | — | | 226 | | 34,396 | | 34,622 | Forgiveness of loans and borrowings | | (103) | | — | | — | | (103) | | | | | | | | | | Total other changes | | (103) | | 226 | | 540,097 | | 540,220 | | | | | | | | | | At June 30, 2023 | | 7,215 | | 269 | | 885,734 | | 893,218 |
| | | | | | | | | | | | | | | | | | | | Loans and | | Interest | | Lease | | | | | borrowings | | payable | | liabilities | | Total | | | RMB’000 | | RMB’000 | | RMB’000 | | RMB’000 | | | | | | | Note 24 | | | At July 1, 2023 | | 7,215 | | 269 | | 885,734 | | 893,218 | | | | | | | | | | Changes from financing cash flows: | | | | | | | | | Repayment of loans and borrowings | | — | | — | | — | | — | Payment of capital element and interest element of lease liabilities | | — | | — | | (236,519) | | (236,519) | | | | | | | | | | Total changes from financing cash flows | | — | | — | | (236,519) | | (236,519) | | | | | | | | | | Exchange adjustments | | 44 | | — | | (21,071) | | (21,027) | | | | | | | | | | Other changes: | | | | | | | | | Increase in lease liabilities from entering into new leases during the period | | — | | — | | 622,916 | | 622,916 | Decrease in lease liabilities from derecognition | | — | | — | | (30,867) | | (30,867) | Increase in interest expenses | | — | | 90 | | 25,112 | | 25,202 | | | | | | | | | | Total other changes | | — | | 90 | | 617,161 | | 617,251 | | | | | | | | | | At December 31, 2023 | | 7,259 | | 359 | | 1,245,305 | | 1,252,923 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Loans and | | Interest | | Lease | | | | | borrowings | | payable | | liabilities | | Total | | | RMB’000 | | RMB’000 | | RMB’000 | | RMB’000 | | | | | | | Note 24 | | | | | | | | | | | | At January 1, 2024 | | 7,259 | | 359 | | 1,245,305 | | 1,252,923 | | | | | | | | | | Changes from financing cash flows: | | | | | | | | | | | | | | | | | | Proceeds from loans and borrowings from third party | | 563,800 | | — | | — | | 563,800 | Repayment of loans and borrowings | | (718) | | — | | — | | (718) | Payment of capital element and interest element of lease liabilities | | — | | — | | (725,075) | | (725,075) | | | | | | | | | | Total changes from financing cash flows | | 563,082 | | — | | (725,075) | | (161,993) | | | | | | | | | | Exchange adjustments | | (76) | | — | | (14,885) | | (14,961) | | | | | | | | | | Other changes: | | | | | | | | | Increase in lease liabilities from entering into new leases during the year | | — | | — | | 2,093,794 | | 2,093,794 | Decrease in lease liabilities from derecognition | | — | | — | | (152,268) | | (152,268) | Increase in interest expenses | | 1,000 | | 292 | | 91,623 | | 92,915 | | | | | | | | | | Total other changes | | 1,000 | | 292 | | 2,033,149 | | 2,034,441 | | | | | | | | | | At December 31, 2024 | | 571,265 | | 651 | | 2,538,494 | | 3,110,410 |
| | | | | | | | | | | | | Loans and | | Interest | | Lease | | Financial derivative | | | | | borrowings | | payable | | liabilities | | liabilities | | Total | | | RMB’000 | | RMB’000 | | RMB’000 | | RMB’000 | | RMB’000 | | | | | | | Note 24 | | | | | | | | | | | | | | | | At January 1, 2025 | | 571,265 | | 651 | | 2,538,494 | | — | | 3,110,410 | | | | | | | | | | | | Increase arising from acquisition of subsidiaries (Note 28(a)) | | 12,522 | | — | | — | | — | | 12,522 | | | | | | | | | | | | Changes from financing cash flows: | | | | | | | | | | | Proceeds from loans and borrowings from third party | | 4,737,057 | | — | | — | | — | | 4,737,057 | Proceeds from Equity Linked Securities | | 2,286,643 | | — | | — | | 1,556,221 | | 3,842,864 | Repayment of loans and borrowings | | (595,228) | | — | | — | | — | | (595,228) | Interest paid | | (95,800) | | (651) | | — | | — | | (96,451) | Payment of capital element and interest element of lease liabilities | | — | | — | | (897,480) | | — | | (897,480) | | | | | | | | | | | | Total changes from financing cash flows | | 6,332,672 | | (651) | | (897,480) | | 1,556,221 | | 6,990,762 | | | | | | | | | | | | Exchange adjustments | | (54,126) | | — | | (42,997) | | (29,022) | | (126,145) | | | | | | | | | | | | Other changes: | | | | | | | | | | | Increase in lease liabilities from entering into new leases during the year | | — | | — | | 2,111,226 | | — | | 2,111,226 | Decrease in lease liabilities from derecognition | | — | | — | | (171,490) | | — | | (171,490) | Fair value changes of financial derivative liabilities | | — | | — | | — | | (343,149) | | (343,149) | Increase in interest expenses | | 304,101 | | — | | 126,829 | | — | | 430,930 | | | | | | | | | | | | Total other changes | | 304,101 | | — | | 2,066,565 | | (343,149) | | 2,027,517 | | | | | | | | | | | | At December 31, 2025 | | 7,166,434 | | — | | 3,664,582 | | 1,184,050 | | 12,015,066 |
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